RBI to set up 'Innovation Hub' for financial inclusion
The hub will help in creating innovative and viable financial products and services
The Reserve Bank of India announced today that it will set up an 'Innovation Hub' in the country to promote innovation across the financial sector and efficient banking services by leveraging on technology, said a Business Standard report.
"The Innovation Hub will support, promote and hand-hold cross-thinking spanning regulatory remits and national boundaries," the PTI report published in Business Standard quoted RBI statement.
The Innovation Hub will help in creating innovative and viable financial products and services that can help in achieving wider objectives of deepening financial inclusion, efficient banking, business continuity, and strengthening consumer protection, said the report quoting the statement.
The statement said that the central bank has always encouraged responsible innovation by entities in the financial service sector and had earlier taken various initiatives for setting up Regulatory Sandbox as per the report.
The Regulatory Sandbox was set up by RBI to provide an environment to innovative technology-led entities for live and limited scale testing for new products and services that may or may not involve some relaxation in a regulatory requirement before a wider-scale launch.
"Six proposals were accepted under the Sandbox, the pilot studies/trials of which have been delayed on account of the present COVID-19 situation,” the report quoted the RBI statement.
Read the complete report in Business Standard Link-